Vietnamese conglomerate Geleximco remains ABBank’s largest shareholder

Vietnamese conglomerate Geleximco Group and related parties owned a total of 180.4 million ABBank shares, 17.43% of the bank’s capital, as of July 2024, remaining the private lender’s largest shareholder.

According to the latest listing of the bank’s shareholders, Geleximco holds 12.78%, its chairman Vu Van Tien, 0.366%; Nguyen Thi Quynh Mai - Tien’s wife, 0.143%; Vu Van Hau - Tien's younger brother, 1.958%; Dao Manh Khang, 0.801%; and An Binh Securities JSC, 0.57%.

According to the newly announced list of shareholders holding more than 1% of charter capital at the end of July, ABBank, registered on the Unlisted Public Companies Market (UPCoM) as ABB, has 16 individuals and three institutional shareholders, holding a total of 689.1 million shares, or 66.6% of the bank's charter capital.

Besides Geleximco, Glexhomes JSC, a business with many links with the conglomerate, and related parties own 46.1 million ABBank shares or 4.46% of the lender’s charter capital.

Meanwhile, strategic shareholder Malayan Banking Berhad (Maybank) holds a 16.39% stake, with 169.6 million shares.

Vu Thi Hai Yen is the largest individual shareholder with 43.8 million ABB shares or 4.23% of the charter capital. Other individuals and related people holding more than a 2% stake in ABB are Kieu Thi Lieu (3.54%), Vu Thi Minh Phuong (2.64%), To Tuan Anh (2.5%), Do Ngoc Tu - Do Thi Hai Yen (2.38%), Ta Thi Hong Ha (2.28%), Pham Thanh Tuan (2.2%), and Pham Thi Huong Ly (2.19%).

In the first half of 2024, ABBank recorded a pre-tax profit of more than VND582 billion ($23.2 million), down 14% over the same period last year, fulfilling 58% of the yearly target.

However, the interest income gap between the bank’s financial statement and cash flow statement has increased.

ABBank's six-month financial statement showed that the bank's total income reached VND4,383 billion ($174.6 million), but the cash flow report said its actual cash flow was just VND3,970 billion, VND413 billion lower.

The audited financial statement for 2023 showed that ABBank’s interest income was VND10,464 billion ($416.81 million) against an actual cash flow of about VND10,019 billion.

According to the bank’s H1/2024 financial statement, loan interest and uncollected receivable fees reached VND1,116 billion ($44.45 million), up 9.5% from the beginning of the year. It marked the highest figure since 2021.

Its total assets as of June 30 stood at VND152,145 billion ($6.06 billion), down 6.14% compared to the year’s beginning. Notably, customer loans decreased 7.2% year-on-year to VND91,038 billion ($3.63 billion).

ABBank was the only bank in Vietnam which saw outstanding credit balance decrease in H1/2024.

Its bad debt ratio rose from 2.91% at the year's beginning to 3.55% at the end of Q2/2024 and customer deposits dropped 14% to VND85,515 billion ($3.42 billion).

ABB closed Friday at VND7,600 ($0.3) per share.